Colombia strikes back at Ecuador, raising tariffs from 30% to 50% on over 100 products
The trade tension between Colombia and Ecuador continues to escalate. The Ministry of Commerce published a draft decree that increases tariffs on imports from the neighboring country from 30% to 50% and expands the list of affected goods to more than 190 products.
TL;DR
- Colombia has increased import tariffs on over 190 products from Ecuador to 50%.
- This measure is a response to Ecuador's recent increase in tariffs on Colombian exports.
- The expanded list of affected products includes rice, cocoa, sugar, beans, salt, and sulfur, among others.
- Former trade ministers from both countries have warned that these trade restrictions are harming formal businesses and bilateral exchange.
- They argue that the increased trade barriers do not solve public order issues on the border and put shared value chains, investments, and jobs at risk.
- The commercial exchange between Colombia and Ecuador is valued at nearly $3 billion, involving over 2,400 companies and generating about 200,000 jobs.